I just purchased a foreclosure and it went very well. I not have a 15 yr mortgage which is my only debt outside of my car payment. This foreclosure is in a beautiful area, 4 bed 2 bath and i have about 60,000 in equity. I also own a 4 bedroom house where i rent to college kids, however this is a ten year rent to own so i do not show a mortgage.
Everything is going very well but i would like to start another "project". I have found a 3 unit apartment building that is reasonably priced and was thinking if i should make a move or wait and gain more equity.
Hello. If it's a good deal and the numbers make sense, you feel strongly you can keep it occupied and you'll be cash-flowing then go for it!